For an entrepreneur or company owner, it is really important to find effective ways to expand his or her business and sustain growth in a competitive market. There are some tried and tested strategies that business owners use for business development and expansion of customer base. However, it would be prudent for them to opt for newer and creative ideas that can contribute to business growth.

1. It is imperative for a business owner to seek unique and effective means of product endorsement to click with the target customers. Apart from print media and traditional means of advertising, company owners need to utilize newer mediums like the web for effective product promotion and campaign. Every aspect of promotion from color scheme selection to tagline matters a lot in this context. In fact, usage of proper color in logo and ad campaigns is very important. Certain colors convey specific images and appeal to men and women differently. A grasp on the mindset of target audience is what entrepreneurs require to woo and motivate them towards their services and products.
2. For a business owner who wants to have a competitive edge over rivals, customer feedback and opinion observation is of utmost importance. Companies that make changes in their services and products based on customer feedbacks succeed in customer retention in the long run. For this purpose, business owners can use online and real life surveys. Similarly, the customer feedback section in a company website should be user friendly. It should have provisions for customers to send mails and post their comments.
3. In recent times, popularity of social media is being used effectively by various brands for product promotion and sale. This is one weapon company owners can use extensively for business development. Social media platforms like Twitter and Facebook can be utilized even by small and midsize companies in this context. These sites can also be used for online surveys and polls. This, in turn, can help companies in customer preference and demographic analysis. Integration of main business site with such online services is quite effective in this regard.
4. Business owners who want their businesses to achieve long term growth should be mindful of the activities of competition. To surpass the competition, they need to keep an eye on trends and developments in rival brands in the industry. This will provide them with insight into industry trends and upcoming changes.